Q3 2025 Wynn Resorts Ltd Earnings Call

November 6, 2025

Again, Please press star one on your Touchtone phone record your name and I will introduce you. Please limit yourself to one question and one follow up question.

Call is being recorded if you have any objections you may disconnect. At this time I will now turn the line over to Julie Cameron Doe Chief Financial Officer. Please go ahead.

Thank you operator, and good afternoon, everyone on the call with me today are Craig Billings and Brian <unk> in Las Vegas also on the line a journey holiday, Linda Chen and Frederick Loewe suitor.

Please note that we've published a presentation to provide more color on the company in recent performance ahead of this cool you can find the presentation on our Investor Relations website.

I want to remind you that we may make forward looking statements under safe Harbor Federal Securities laws and those statements may or may not come true I will now turn the call over to Craig billings.

Thanks Julie.

Good afternoon, and as always thank you for joining us.

Jump right into the quarter and I'll kick off here in Vegas.

Wynn Las Vegas continue to see notable gaming market share gains in the quarter, driven by our incredible team and market, leading product and service, resulting in EBITDA growth on a hold adjusted basis of 3% to $211 million.

Against a difficult comp.

And in the casino was healthy throughout the quarter with solid increases in both drops and handle leading to casino revenues that were up 10%.

Hotel revenue was flat at 187 million demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter.

In fact in August the property set an all time monthly EBITDA records.

We also look forward to completing the renovation of the fairway billings by the end of this quarter and to the opening of zero Bot.

Apologies sorry for that.

Wynn Las Vegas continued to see notable gaming market share gains in the quarter driven by our incredible team.

And market, leading products and services as I mentioned.

More recently a business in the fourth quarter has seen continued momentum would drop and handle both up versus the same prior prior period last year. We've also seen notable growth in Revpar and strong retail sales so with the fourth quarter off to a strong start we are now turning our attention to <unk>.

You can look at our published room rates for the event and that we are once again pricing at a significant premium to the market.

Looking further out our group and convention business looks strong heading into 2026 on pace to grow both room nights and rate over 2025.

I do want to note that as we begin the encore tower remodel in the spring we will lose about 80000 room nights in 2026, we will attempt to pick up some of that in rate, but the remodel will present, a slight headwind for 2026.

Importantly, we continue to invest in our market leading assets here in Las Vegas, and ultimately while macroeconomic and geopolitical uncertainty remaining consideration we remain positive on the outlook for our business in Las Vegas.

Turning to Boston, we generated $58 million in EBITDA.

In terms of fundamentals the business at Encore, Boston Harbor remained solid with slot revenues growing over 5% year on year and Opex tightly controls.

More recently demand in Boston has remained healthy in October with both the drop and handle above last year.

Macau also delivered very strong results from the quarter, which were further aided by higher than normal VIP hold the business generated $308 million in EBITDA, including $23 million of VIP hold benefit.

Mass volumes were particularly strong up 15% year on year, despite the weather disruption near the end of the quarter.

The cadence of Golden week was a bit unusual this year and then we saw heavier volumes towards the tail end of the holiday and after the holiday period BR.

Beyond Golden week volume metrics in the quarter have been strong with turnover and mass drop both running well ahead of last year.

With sustained double digit market wide growth in <unk>, we continue to be optimistic about the future of Macao.

The premium segment continues to lead the market in Macao.

Last quarter, we discussed two new projects and expansion of the Chairman's club gaming area of Wynn Palace, and a refresh of our wind tower rooms at Wynn Macau.

To ensure we continue to take advantage of this ongoing demand.

Both projects are moving along very quickly the chairman's club expansion should be complete ahead of Chinese new year, and we are already completing the initial floors of the wind tower room renovation now.

While we expect some minor disruption into yearend from these projects once complete they will further elevate our offerings at both properties.

We're now Marshawn Island continues to progress rapidly and we look forward to welfare welcoming many of you to the site in less than a month. We're pouring the final two floors now and are on track to top out. The tower ahead of our analyst event in December.

We are also pleased to announce our first development on the Marshawn land bank adjacent to win out Marshawn Lynch.

The <unk> margin on island by online group.

On team are world class and we're delighted to have them as a neighbor.

From a structuring perspective, our JV the same JV that owns went out marshwan, we'll own the property and the Amman team will manage the asset.

[music].

Given the recent success of condo sales in the UAE in General and Russell Highway in particular, we anticipate our portion of the equity check for the project will be quite small about $25 million to $50 million.

Beyond the Standalone merits of the transaction. We also expect <unk> high quality customers will be additive to win on margin.

Sure.

Hmm.

With the margin on land Bank, we have significant additional long term development opportunities in the U a E.

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You can see more about this initial development in our quarterly earnings presentation.

We remain on track for our targeted opening date of window Marcia on island and look forward to showcasing what we believe is the most compelling development opportunity in the industry with no competing operations announced to date Ueno Marcia on island will be the only integrated resort and what many analysts are predicting will be a $5 billion plus <unk> market.

Our future continues to be Brian the opening of Winnow Marcia on islands, and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead.

I'll now hand, it over to Julia to run through some additional details on the quarter.

Thank you Craig.

Las Vegas, we generated $203 4 million and adjusted property EBITDA on $621 million of operating revenue during the quarter delivering an EBITDA margin of 32, 8%.

Unfavorable hull negatively impacted EBITDA in the quarter by just under $8 million.

Opex, excluding gaming tax per day with $4 $3 million in the quarter up three 1% compared to the prior year due to a bad debt swing and onetime expenses in repairs and maintenance otherwise that with normal course, ebbs and flows and opex.

Turning to Boston, we generated adjusted property EBITDA of $58 4 million on revenue of $211 $8 million with an EBITDA margin of 27, 6% slot revenues were very strong up 5%.

A new record for Boston, we maintained our discipline on the cost side with Opex per day of $1 $106 million up one 9% compared to Q3 2024. Despite continued labor cost pressures in that market. The Boston team has continued to do a great job of mitigating union relate to payroll increases with coke.

Hum.

[music].

Efficiencies in areas of the business that do not impact the guest experience.

Our Macau operations delivered adjusted property EBITDA of $308 3 million in the quarter on $1 billion of operating revenue, resulting in an EBITDA margin of 38% higher than normal VIP hold impacted EBITDA by a little under $23 million in the quarter.

Opex, excluding gaming tax was approximately $2 $75 million per day in Q3 up seven 6% year on year with the increase driven primarily by the gourmet 2 billion a normal cost of living expenses as we called out last quarter.

This quarter. We also saw the variable impact of higher business volumes and about $2 $5 million of typhoon related opex.

In terms of Capex in Macau last quarter, we initiated two projects as Craig mentioned and expansion of the Chairman's club gaming area at Wynn Palace, and a refresh of our wind tower rooms at Wynn Macau and together with other ongoing capex projects, we continue to expect to spend $200 million to $250 million in total for 2020.

Five.

Moving on to the balance sheet, our liquidity position remains very strong with global cash and revolver availability of $4 6 billion as of September 30th. This was comprised of $2 8 billion of total cash and available liquidity in Macau and $1 7 billion in the U S.

The combination of strong performance in each of our markets globally with appropriate properties generating just under $2 $3 billion of LTM adjusted property EBITDA together with a robust cash position creates a very healthy consolidated net leverage ratio of just over four three times.

Operator: Of today's conference, to ask a question, please press star one on your touch-tone phone, record your name, and I will introduce you. Please limit yourself to one question and one follow-up question. This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

<unk> of our wind tower rooms at Wynn, Macau and together with other ongoing capex projects, we continue to expect to spend $200 million to $250 million in total for 2025.

<unk> free cash flow and liquidity profile also allow us to continue returning capital to shareholders in both Macau and the U S to that end Wynn Macau paid out approximately $125 million in dividends in Q3 after paying a similar amount in Q2. In addition, the Wynn resorts Board has approved.

Moving onto the balance sheet, our liquidity position remains very strong with global cash and revolver availability of $4 $6 billion as of September 30th.

Julie Cameron-Doe: Thank you, Operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holliday, Linda Chen, and Frederic Luvisutto. Please note that we've published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our investor relations website. I want to remind you that we may make forward-looking statements under Safe Harbor Federal Securities laws, and those statements may or may not come true. I will now turn the call over to Craig Billings.

Was comprised of $2 $8 billion of total cash and available liquidity in Macau and $1 $7 billion in the U S.

Quarterly cash dividend of <unk> 25 per share payable on November 26, 2025 to stockholders of record as of November 17th.

The combination of strong performance in each of our markets globally without appropriate properties generating just under $2 $3 billion of LTM adjusted property EBITDA together with a robust cash position creates a very healthy consolidated net leverage ratio of just over four three times.

Carrying dividend highlights our focus on and continued commitment to prudently returning capital to shareholders and.

In terms of Capex, we spent approximately $164 million in the quarter, primarily related to the fairway Villa renovations and food and beverage enhancements in Las Vegas concession related Capex in Macau and normal course maintenance across the business.

Craig Billings: Thanks, Julie. Good afternoon, and as always, thank you for joining us. I'll jump right into the quarter, and I'll kick off here in Vegas. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team, and market-leading product and service, resulting in EBITDA growth on a hold-adjusted basis of 3% to $211 million against a difficult comp. Demand in the casino was healthy throughout the quarter, with solid increases in both drop and handle, leading to casino revenues that were up 10%. Hotel revenue was flat at $187 million, demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter. In fact, in August, the property set an all-time monthly EBITDA record.

Our strong free cash flow and liquidity profile also allow us to continue returning capital to shareholders in both Macau and the U S to that end Wynn Macau paid out approximately $125 million in dividends in Q3 after paying a similar amount in Q2. In addition, the Wynn resorts Board has approved.

In addition to that figure we contributed $93 $9 million of equity to the win Almazan Island project during the quarter, bringing our total equity contribution to date to $835 million. We also continued to draw on the marshawn construction loan with the drawn amount to date of 593.

Our quarterly cash dividend of 25 cents per share payable on November 26, 2025 to stockholders of record as of November 17th.

$7 million.

Our recurring dividend highlights I'll focus on and continued commitment to prudently returning capital to shareholders.

We estimate our remaining share of the required equity, including the new to new project is approximately $525 million to $625 million with that we will now open up the call to Q&A.

Yes.

Thank you.

Craig Billings: We also look forward to completing the renovation of the Fairway Villas by the end of this quarter and to the opening of Zero Bond. Oh, apologies. Sorry for that. Wynn Las Vegas continued to see notable gaming market share gains in the quarter, driven by our incredible team, and market-leading product and service, as I mentioned. More recently, business in the fourth quarter has seen continued momentum with drop and handle both up versus the same prior period last year. We've also seen notable growth in RevPAR and strong retail sales. With the fourth quarter off to a strong start, we are now turning our attention to F1. You can look at our published room rates for the event and see that we are once again pricing at a significant premium to the market.

At this time I'd like to ask a question. Please press star one on your Touchtone phone on mute your phone record your name clearly after the prompt and I will introduce you for your questions. Please limit yourself to one question and one follow up question to withdraw. Your question you May Press Star two.

In addition to that figure we contributed $93 $9 million of equity to the win Almazan Island project during the quarter, bringing our total equity contribution to date to $835 million. We also continued to draw on the Muslim construction loan with the drawn amount to date of $593.

First question comes from Dan <unk> with Jpmorgan. Your line is open Sir.

Hey, good afternoon, everyone and thanks for taking my question.

$7 million.

We estimate our remaining share of the required equity, including the new to new project is approximately $525 million to $625 million with that we will now open up the call to Q&A.

First in Las Vegas, another strong quarter.

Can you talk about what Youre seeing there versus a few months ago have you you guys have been taking share it sounds like the fourth quarter is trending well, but.

Do you feel like the environment has improved as we've kind of moved out of the summer and you filled in that group calendar and then as you look out to 'twenty six.

Yes.

Yeah.

Thank you.

Craig Billings: Looking further out, our group and convention business looks strong heading into 2026, on pace to grow both room nights and rate over 2025. I do want to note that as we begin the Encore Tower remodel in the spring, we will lose about 80,000 room nights in 2026. We will attempt to pick up some of that in rate, but the remodel will present a slight headwind for 2026. Importantly, we continue to invest in our market-leading assets here in Las Vegas. Ultimately, while macroeconomic and geopolitical uncertainty remain a consideration, we remain positive on the outlook for our business in Las Vegas. Turning to Boston, we generated $58 million in EBITDA. In terms of fundamentals, the business at Encore Boston Harbor remains solid, with slot revenues growing over 5% year-on-year, and OpEx tightly controlled.

At this time I'd like to ask a question. Please press star one on your Touchtone phone mute your phone record your name clearly after the prompt and I will introduce you for your question. Please limit yourself to one question and one follow up question to withdraw. Your question you May Press Star two.

What are your expectation there for growth given that group pace.

Facing higher.

Sure I'll start and then and then I'll ask Brian to comment as well.

I think the <unk>.

Summer activity or the summer business environment has been.

First question comes from Dan <unk> with Jpmorgan. Your line is open Sir.

Well publicized maybe to the extreme.

Good afternoon, everyone and thanks for taking my question.

Here in Las Vegas, and we saw.

First in Las Vegas, another strong quarter.

We saw our business as we were going into the summer we saw components of the business that we felt like we needed to react to.

Can you talk about what Youre seeing there versus a few months ago have you you guys have been taking share it sounds like the fourth quarter is trending well, but.

We reacted to that and we talked about a little bit about this on the last call we reacted to that.

Do you feel like the environment has improved as we've kind of moved out of the summer and you're building that group calendar and then as you look out to 'twenty six.

By really focusing on rate and not on occupancy and then of course, we can kind of staff the building accordingly and.

You know what what are your expectation there for growth given that group.

Craig Billings: More recently, demand in Boston has remained healthy in October, with both drop and handle above last year. Macau also delivered very strong results in the quarter, which were further aided by higher-than-normal VIP hold. The business generated $308 million in EBITDA, including $23 million of VIP hold benefit. Mass volumes were particularly strong, up 15% year-on-year, despite the weather disruption near the end of the quarter. The cadence of Golden Week was a bit unusual this year in that we saw heavier volumes towards the tail end of the holiday, and after the holiday period. Beyond Golden Week, volume metrics in the quarter have been strong, with turnover and mass drop both running well ahead of last year. With sustained double-digit market-wide growth in GGR, we continue to be optimistic about the future of Macau. The premium segment continues to lead the market in Macau.

Really make sure that we're driving.

Higher.

Sure I'll start and then.

Arriving EBITDA and we did that on the last call I.

And then I'll ask Brian to comment as well.

I believe we mentioned that we were seeing things.

I think the the sum.

I start to improve more broadly.

<unk> activity or the summer business environment has been.

In Vegas, and certainly that was the case and we also knew that by the time, we got to October we'd be in pretty good shape for the reasons that you just described with respect to with respect to group.

Well publicized maybe to the extreme.

Here in Las Vegas, and we saw.

We saw our business as we were going into the summer we saw components of the business that we felt like we needed to react to.

So.

I don't think Theres anything new there I think it's kind of as we as we talked about and.

We reacted to that and we talked about a little bit about this on the last call we've reacted to that.

As is reflected in the results inclusive of my commentary about how things look in October.

By really focusing on rate and not on occupancy and then of course, we can kind of staff the building accordingly and.

2026.

The primary indicators group and Brian will talk a little bit a little bit about that.

Really make sure that we're driving.

Brian what did I Miss.

<unk> EBITDA and we did that on the last call.

I think it comes down to three groups that are really focused right now and really focus on Q3 and they are focusing forward our revenue team our sales team and our casino marketing team in Q3, we were squarely focused on casino marketing as well as yielding ADR as Craig mentioned over peaks and on weekends to really take advantage of the compression.

I believe we mentioned that we were seeing things.

Start to improve more broadly.

Craig Billings: Last quarter, we discussed two new projects: an expansion of the Chairman's Club gaming area at Wynn Palace, and a refresh of our Wynn Tower rooms at Wynn Macau. To ensure we continue to take advantage of this ongoing demand, both projects are moving along very quickly. The Chairman's Club expansion should be complete ahead of Chinese New Year, and we are already completing the initial floors of the Wynn Tower room renovation now. While we expect some minor disruption into year-end from these projects, once complete, they will further elevate our offerings at both properties. Wynn Al Marjan Island continues to progress rapidly, and we look forward to welcoming many of you to the site in less than a month. We're pouring the final two floors now and are on track to top out the tower ahead of our analyst event in December.

So.

The team did an amazing job, resulting in a record August delivering really nice great results for the quarter.

I don't think Theres anything new there I think.

It's kind of as we as we talked about and as is reflected in the results inclusive of my commentary about how things look in October.

I think Q3 was a lot better quarter than we initially saw at the beginning of the year in one respect to group as stated we're pacing ahead in 2006 in both rate and room nights that team is now focused on really plug in the last available holds over the summer which is typical in part for the course, so really proud of what the team has done with their efforts.

2026.

The primary indicators group and Brian will talk a little bit a little bit about that.

Brian what did I Miss.

Yes, I think it comes down to three groups that are really focused right now and really focus on Q3 and they are focusing forward our revenue team our sales team and our casino marketing team in Q3, we were squarely focused on casino marketing as well as yielding ADR as Craig mentioned over peaks and on weekends to really take advantage of the compression.

<unk>.

And as we move forward, we continue to focus on peak periods and weekends, where we can take rate wherever we can.

Craig Billings: We are also pleased to announce our first development on the Marjan Land Bank adjacent to Wynn Al Marjan, the Janue Al Marjan Island by Aman Group. The Aman team are world-class, and we're delighted to have them as a neighbor. From a structuring perspective, our JV, the same JV that owns Wynn Al Marjan, will own the property, and the Aman team will manage the asset. Given the recent success of condo sales in the UAE in general, and Ras Al Khaimah in particular, we anticipate our portion of the equity check for the project will be quite small, about $25 to 50 million. Beyond the standalone merits of the transaction, we also expect Janue's high-quality customers will be additive to Wynn Al Marjan Island. With the Marjan Land Bank, we have significant additional long-term development opportunities in the UAE.

Got it and then just turning to the UAE.

You guys laid out a little bit over a year ago, a base case of low case base case and high case scenario for EBITDAR, there and I think the high case was $460 million. So I guess look the property is certainly still has a way with away from the opening but can you lay out or remind us what are kind of the puts and takes.

The team did an amazing job, resulting in a record August delivering really nice great results for the quarter.

I think Q3 was a lot better quarter than we initially saw at the beginning of the year and when respect to group as stated we're pacing ahead 26 in both rate and room nights at team is now focused on really plug in the last available holds over the summer which is typical in part for the course, so really proud of what the team has done with their efforts.

The base case and located in the high high end scenario.

And obviously given that doesn't seem like there's competitors, there where does that maybe put you right now.

Yes.

Look the.

<unk>.

There's a lot of puts and takes from the.

And as we move forward, we continue to focus on peak periods and weekends, where we can take rate wherever we can.

From the base case to the upside case really across those cases, but the number one by an order of magnitude as CJR.

Got it and then just turning to the UAE.

Craig Billings: You can see more about this initial development in our quarterly earnings presentation. We remain on track for our targeted opening date of Wynn Al Marjan Island, and look forward to showcasing what we believe is the most compelling development opportunity in the industry. With no competing operations announced to date, Wynn Al Marjan Island will be the only integrated resort in what many analysts are predicting will be a $5 billion-plus GGR market. Our future continues to be bright. The opening of Wynn Al Marjan Island and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead. I'll now hand it over to Julie to run through some additional details on the quarter.

And so really it comes down to how large the market will be.

You guys laid out a little bit over a year ago, a base case of low case base case and high case scenario for EBITDAR, there and I think the high case was $460 million. So I guess look the property is certainly you still have the way it was away from the opening but can you lay out or remind us what are kind of the puts and takes.

And ultimately what our share of the market will be as you rightly pointed out our share of the market early on should be 100%.

So.

We're not yet ready to revisit the numbers that we put out in our investor day, but yes.

The base case and located in the high high end scenario.

<unk> seen sell side estimates for the market as high as $8 billion and.

And obviously given that doesn't seem like there is competitors, there where does that maybe put you right now.

And so even if the market is a fraction of that size. The absence of near term competition, probably introduces some conservatism into our base case, but it's a greenfield market and so what we really are focused on right. Now is getting opened with the absolute best product that we can.

Yes.

Look the.

There's a lot of puts and takes from the.

From the base case to the upside case really across those cases, but the number one by an order of magnitude CJR.

Julie Cameron-Doe: Thank you, Craig. At Wynn Las Vegas, we generated $203.4 million in adjusted property EBITDA on $621 million of operating revenue during the quarter, delivering an EBITDA margin of 32.8%. Unfavorable holds negatively impacted EBITDA in the quarter by just under $8 million. OpEx, excluding gaming tax per day, was $4.3 million in the quarter, up 3.1% compared to the prior year due to a bad debt swing and one-time expenses in repairs and maintenance. Otherwise, there were normal-course ebbs and flows in OpEx. Turning to Boston, we generated adjusted property EBITDA of $58.4 million on revenue of $211.8 million, with an EBITDA margin of 27.6%. Slot revenues were very strong, up 5%, and set a new record for Boston. We maintained our discipline on the cost side, with OpEx per day of $1.16 million, up 1.9% compared to Q3 2024, despite continued labor cost pressures in that market.

And so really it comes down to how large the market will be and ultimately what our share of the market will be as you rightly pointed out our share of the market early on should be 100%.

Got it makes sense.

Okay.

Thank you. Our next caller is John decree with C. B R. E. Your line is open Sir.

Hi, everyone.

Craig maybe to stick with Las Vegas, a little bit you talked about some of the stuff that happened over the summer, but one of those things that came up with the social media backlash on pricing, you've obviously cater to the highest end of the market, but curious your views on that impact in terms of visitation to Las Vegas, as a whole and specific.

So.

We're not yet ready to revisit the numbers that we put out in our investor day, but yes.

<unk> seen sell side estimates for the market as high as $8 billion and.

And so even if the market is a fraction of that size. The absence of near term competition, probably introduces some conservatism into our base case, but.

Although you kind of luxury end of the market have you seen any pushback on pricing you, obviously had a great quarter and holding rate, but I'm curious if you've seen any change.

It's a greenfield market and so what we really are focused on right now is getting opened with the absolute best product that we can.

I'll take the second thank you for for for that for those questions I'll take the second one first we have not.

Got it makes sense.

Okay.

Thank you. Our next caller is John decree with C. B R. E. Your line is open Sir.

And then on the on the first one I've been getting this question a lot.

Hi, everyone.

Craig maybe to stick with Las Vegas, a little bit you talked about some of the stuff that happened over the summer, but one of those things that came up with the social media backlash on pricing you, obviously cater to the highest end of the market, but curious your views on that impact in terms of visitation to Las Vegas as a whole and.

And Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget our customer generally isn't the customer who focuses on cost alone.

Julie Cameron-Doe: The Boston team has continued to do a great job of mitigating union-related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience. Our Macau operations delivered adjusted property EBITDA of $308.3 million in the quarter on $1 billion of operating revenue, resulting in an EBITDA margin of 30.8%. Higher-than-normal VIP hold impacted EBITDA by a little under $23 million in the quarter. OpEx, excluding gaming tax, was approximately $2.75 million per day in Q3, up 7.6% year-on-year, with the increase driven primarily by the gourmet pavilion and normal cost of living expenses, as we called out last quarter. This quarter, we also saw the variable impact of higher business volumes and about $2.5 million of typhoon-related OpEx.

But they are the type of customer who is really unrelenting when it comes to value for their dollar right.

Alright their expectation.

Of that perceived value couldnt.

Although you kind of luxury end of the market have you seen any pushback on pricing you, obviously had a great quarter and holding rate, but I'm curious if you've seen any change.

Could not be higher.

A small example by the way I had a patron emailed me several weeks ago about the difficulty of peeling the complementary oranges in our spa.

And we love that we love feedback like that.

I'll take the second thank you for for.

No matter, how small and well we are unapologetic about premium pricing, we don't ambush patrons with unexpected charges. So contrary to what you might expect our mini bar prices are a fraction of some others in the market, we held out as long as we possibly could in charging for parking and really only began to do so when we were at risk of becoming the neighborhood parking lots.

So those questions I'll take the second one first we have not.

And then on the on the first one I've been getting this question a lot and Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget our customer generally isn't the customer who focuses on cost alone.

Even now hotel guests park trade by the way.

But they are the type of customer who is really unrelenting when it comes to value for their dollar right.

Julie Cameron-Doe: In terms of CapEx in Macau, last quarter, we initiated two projects, as Craig mentioned, an expansion of the Chairman's Club gaming area at Wynn Palace, and a refresh of our Wynn Tower rooms at Wynn Macau. Together with other ongoing CapEx projects, we continue to expect to spend $200 to 250 million in total for 2025. Moving on to the balance sheet, our liquidity position remains very strong, with global cash and revolver availability of $4.6 billion as of 30 September 2024. This was comprised of $2.8 billion of total cash and available liquidity in Macau, and $1.7 billion in the US. The combination of strong performance in each of our markets globally, with our properties generating just under $2.3 billion of LTM adjusted property EBITDA, together with our robust cash position, creates a very healthy consolidated net leverage ratio of just over 4.3x.

Yes, our customer pays a premium room rate, but we don't want them to feel nickel and dime, that's actually contrary to creating high perceived value so because of that we.

Alright their expectation.

Of that perceived value couldnt.

Could not be higher.

A small example by the way I had a patron emailed me several weeks ago about the difficulty of peeling the complementary oranges in our spa.

We haven't seen that pushback on pricing that the risks that others in the market might have or at least we've seen on social media.

So lastly, well while the current narrative is when did Las Vegas gets so expensive Las Vegas is actually chalk full of low price options and values. It really is.

And we love that we love feedback like that.

No matter, how small we are unapologetic about premium pricing, we don't ambush patrons with unexpected charges. So contrary to what you might expect our mini bar prices are a fraction of some others in the market, we held out as long as we possibly could in charging for parking and really only began to do so when we were at risk of becoming the neighborhood parking lots.

But historically it has also been a town where one could escape once worries for three days, an experienced world class service and beautiful environments.

In other words, a town of really high perceived value.

Any erosion of that perceived value will manifest itself.

Even now hotel guests park trade by the way.

In our mantra against the cost of the experience itself, but read through the underlying messages and you will see it much.

Yes, our customer pays a premium room rate, but we don't want them to feel nickel and dime, that's actually contrary to creating high perceived value so because of that we.

Much more <unk>.

As being about the value for dollar not the dollar itself per se and.

We haven't seen that pushback on pricing that the risks that others in the market might have or at least we've seen on social media.

And that's just not us.

Julie Cameron-Doe: Our strong free cash flow and liquidity profile also allow us to continue returning capital to shareholders in both Macau and the US. To that end, Wynn Macau paid out approximately $125 million in dividends in Q3 after paying a similar amount in Q2. In addition, the Wynn Resorts Board has approved a quarterly cash dividend of $0.25 per share, payable on 26 November 2025 to stockholders of record as of 17 November. Our recurring dividend highlights our focus on, and continued commitment to, prudently returning capital to shareholders. In terms of CapEx, we spent approximately $164 million in the quarter, primarily related to the Fairway Villa renovations, food and beverage enhancements in Las Vegas, concession-related CapEx in Macau, and normal-course maintenance across the business.

So no we haven't seen that pushback.

So lastly, well while the current narrative has winded Las Vegas gets so expensive Las Vegas is actually chalk full of low price options and values. It really is.

If rates compressed 50% in Las Vegas Tomorrow would we would we see that when we feel that sure we would.

We will always be at a pricing premium and the reason is because we deliver a whole lot of value.

But historically it has also been a town where one could escape one's worries for three days, an experienced world class service and beautiful environments.

Okay. That's helpful. Craig I appreciate those comments.

In other words, a town of really high perceived value.

Comment, but I struggled with those oranges. So I'm glad you guys are going on.

Any erosion of that perceived value will manifest itself.

Alright.

Well, they're easier to push that.

In our mantra against the cost of the experience itself, but read through the underlying messages and you will see it much.

Okay. Good that's already <unk> sure well look forward to that.

If I could ask the question.

The inverse of that we.

Much more <unk>.

As being about the value for dollar not the dollar itself per se and.

As expected the patient to pick back up in Las Vegas.

And that's just not us.

More broadly, especially with the convention calendar picking up and so.

So no we haven't seen that pushback.

Our business is a bit uncorrelated, but should you also expect to see.

If rates compressed 50% in Las Vegas Tomorrow would we would we see that we feel that sure we would but we will always be at a pricing premium and the reason is because we deliver a whole lot of value.

A little bit of uplift.

Julie Cameron-Doe: In addition to that figure, we contributed $93.9 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our total equity contribution to date to $835 million. We also continued to draw on the Marjan Construction Loan, with a drawn amount to date of $583.7 million. We estimate our remaining share of the required equity, including the new Janue project, is approximately $525 to $625 million. With that, we will now open up the call to Q&A.

Visitation to the city comes back as a whole or would you say youre kind of just marching to the beat of your own drum right now in terms of where you are positioned in the market I guess is there more upside as visitation recovers for you in Las Vegas.

That's helpful. Craig I appreciate those comments.

Comment, but I struggled with those oranges. So I'm glad you guys are going on.

Of course.

You really see it.

Alright.

Let's talk about three segments right high end gaming mass gaming and ADR.

Well, they're easier to pay for that.

Okay. Good that's already <unk> sure well look forward to that.

Mass gaming and ADR of course, Levered two presentation because.

If I could ask the question.

The inverse of that we.

We expect this patient to pick back up in Las Vegas.

They're both.

Either demand driven or correlate to the number of people that are coming through the doors every day high end gaming very different right that's about.

More broadly, especially with the convention calendar picking up and so.

Our business is a bit uncorrelated, but should you also expect to see.

Operator: Thank you. At this time, if you would like to ask a question, please press star one on your touch-tone phone. Unmute your phone, record your name clearly after the prompt, and I will introduce you for your question. Please limit yourself to one question and one follow-up question. To withdraw your question, you may press star two. Our first question comes from Dan Politzer with JPMorgan. Your line is open, sir.

Oh I thought the equity markets, it's about post hosted customer relationships one to one selling it.

A little bit of uplift.

The service and the specific service in the building that particular customer and what they're doing.

So there are certainly aspects of our business that.

Of course.

That will benefit from incremental visitation to.

You really see it.

Las Vegas, most notably the rate that we charge for hotel rooms, and the activity on our gaming floor outside of the heightened firearms.

Let's talk about three segments right high end gaming mass gaming and ADR.

Dan Politzer: Hey, good afternoon, everyone. Thanks for taking my question. First, in Las Vegas, another strong quarter. Can you talk about what you're seeing there versus a few months ago? You guys have been taking share. It sounds like the fourth quarter is trending well. Do you feel like the environment has improved as we've kind of moved out of the summer and you've filled in that group calendar? As you look out to 2026, what is your expectation there for growth, given that group is pacing higher?

Mass gaming and ADR of course, levered to visitation because.

Okay I'll leave it there. Thank you so much Greg.

<unk>.

Thank you our next caller is Steven Grambling with Morgan Stanley. Your line is open Sir.

Both.

Either demand driven or correlate to the number of people that are coming through the doors every day high end gaming very different right that's about.

Hey, Thank you I don't know if you specifically quantify this but we'd love to hear any additional color you could give on how to.

Oh I thought the equity markets, it's about post hosted customer relationships one to one selling.

Think about the disruption impact in Las Vegas, but also how to think about perhaps the return on some of these projects as we look beyond 2026.

Craig Billings: Sure. I'll start, then I'll ask Brian to come in as well. I think the summer activity or the summer business environment has been well-publicized, maybe to the extreme, here in Las Vegas. We saw our business as we were going into the summer, we saw components of the business that we felt like we needed to react to. We reacted to that, and we talked a little bit about this on the last call. We reacted to that by really focusing on rate and not on occupancy. Of course, we can kind of staff the building accordingly and really make sure that we're driving EBITDA, and we did that. On the last call, I believe we mentioned that we were seeing things start to improve more broadly in Vegas, and certainly that was the case.

Service specific service in the building that particular customer and what they are doing.

Some of these generally maintenance or do you think that there'll be incremental EBITDA from a lot of these.

So there are certainly aspects of our business that.

That will benefit from incremental visitation.

Sure. Thanks, we have not quantified the impact.

Two Las Vegas, most notably the rate that we charge for hotel rooms, and the activity on our gaming floor outside of the heightened firearms.

With respect to the Encore tower remodel primarily because what we will attempt to do is pick it up pick it up in rate.

Okay I'll leave it there. Thank you so much Greg.

As we start to commence that renovation, we will talk to you more about what we think.

Thank you our next caller is Steven Grambling with Morgan Stanley. Your line is open Sir.

What we think the actual impact is.

Some of the Capex that we talk about is normal course maintenance. So the encore rooms have been redone in a number of years and we need to do that in order to continue to drive rates continue to be competitive and continue to deliver on our brand promise.

Hey, Thank you I don't know if you specifically quantify this but we'd love to hear any additional color you could give on how to think about the disruption impact in Las Vegas, but also how to think about perhaps the return on some of these projects as we look beyond 2026.

The other changes, particularly in food and beverage that we're making are absolutely ROI driven projects.

Are some of these generally maintenance or do you think that there'll be incremental EBITDA from a lot of these.

Even when we redo a room like we've just re did or we just didn't with with PISCES and not too long ago, we did with <unk> the incremental.

Sure. Thanks, we have not quantified the impact.

Craig Billings: We also knew that by the time we got to October, we'd be in pretty good shape for the reasons that you just described with respect to group. I don't think there's anything new there. I think it's kind of as we talked about, and as is reflected in the results, inclusive of my commentary about how things look in October 2026. The primary indicator is group, and Brian will talk a little bit about that. Brian, what did I miss?

With respect to the Encore tower remodel primarily because what we will attempt to do is pick it up pick it up in rate.

Check average that we drive the incremental covers that we drive are absolutely EBITDA EBITDA accretive.

As we start to commence that renovation will talk to you more about what we think.

It really is.

A bit of a bit of a mixed bag, but if you look at our <unk> in terms of maintenance versus growth, but if you look at the ADR is that we've been delivering.

What we think the actual impact is.

Some of the Capex that we talk about is normal course maintenance. So the encore rooms have been redone in a number of years and we need to do that in order to continue to drive rate to continue to be competitive and continue to deliver on our brand promise.

I think you can see why it's important that we invest in a hotel.

100%, maybe turning to Macau very quickly what are you seeing in terms of the competitive dynamics, particularly as the quarter progressed, given there was some chatter from some of your peers that there might be a little bit more promotions going on and how do you generally think about margins going forward as you think about either maintaining price integrity or.

The other changes, particularly in food and beverage that we're making are absolutely ROI driven projects.

Brian Gullbrants: I think it comes down to three groups that are really focused right now and really focused on Q3, and they're focusing forward: our revenue team, our sales team, and our casino marketing team. In Q3, we were squarely focused on casino marketing as well as yielding ADR, as Craig mentioned, over peaks and on weekends to really take advantage of the compression. The team did an amazing job, resulting in a record August, delivering really nice, great results for the quarter. I think Q3 was a lot better quarter than we initially saw at the beginning of the year. With respect to group, as stated, we're pacing ahead in 2026 in both rate and room nights. The team's now focused on really plugging the last available holes over the summer, which is typical and par for the course.

Even when we redo a room like we've just re did or we just did with with PISCES and not too long ago, we did with resuming the incremental check.

Having to competitively respond.

Check average that we drive the incremental covers that we drive are absolutely EBITDA EBITDA accretive.

Sure.

Thank you, we think about it day to day.

So it's as I've said on.

It really is.

A bit of a bit of a mixed bag, but if you look at our ADR is in terms of maintenance versus growth, but if you look at the ADR is that we've been delivering.

In the last eight calls it's hand to hand combat in Macao. That's just the that's just the reality of the market I haven't we haven't seen a notable uptick in promotional material notable uptick in promotional activity.

I think you can see why it's important that we invest in the hotel.

100%, maybe turning to Macau very quickly what are you seeing in terms of the competitive dynamics, particularly as the quarter progressed given there is some chatter for some of your peers that there might be a little bit more promotions going on and how do you generally think about margins going forward as you think about either maintaining price integrity or.

But we have a really clear view as I've said before down to the basis point of how much incremental GTR market share we need in order to justify and fade in incremental percentage point of Reinvestments. So we're monitoring that closely in real time in terms of the specific impact that you can see on margins as we have also said before.

Brian Gullbrants: Really proud of what the team's done with their efforts. As we move forward, we continue to focus on peak periods and weekends where we can take rate wherever we can.

Dan Politzer: Got it. Turning to the UAE, you guys laid out a little bit over a year ago a base case, a low-case base case, and a high-case scenario for EBITDA there. I think the high case was $460 million. I guess, look, the property certainly still is a way away from opening, but can you lay out or remind us what are kind of the puts and takes between the base case and the low case and the high-end scenario? Obviously, given that it does not seem like there are competitors there, where does that maybe put you right now?

Having to competitively respond.

We view margin is an outcome of aggressively driving revenues.

Sure.

Thank you, we think about a day to day.

Profitably reinvesting customers and diligently managing cost. So we don't manage to a specific margin per se, but what we're constantly doing is looking at our reinvestment levels relative to.

So it's as I've said on <unk>.

Relative to revenue not market share revenue.

Okay. That's helpful. Thank you.

But we have a really clear view as I've said before down to the basis point of how much incremental <unk> market share we need in order to justify and fade in incremental percentage point of Reinvestments. So we're monitoring that closely in real time in terms of the specific impact that you can see on margins as we have also said before.

Thank you our next caller is Robin Farley with UBS. Your line is open.

Craig Billings: Yeah. Look, there's a lot of puts and takes from the base case to the upside case, really across those cases. The number one, by an order of magnitude, is GGR. It comes down to how large the market will be and ultimately what our share of the market will be. As you rightly pointed out, our share of the market early on should be 100%. We're not yet ready to revisit the numbers that we put out in our investor day. You've seen sell-side estimates for the market as high as $8 billion. Even if the market is a fraction of that size, the absence of near-term competition probably introduces some conservatism into our base case. It's a greenfield market.

Thanks going back to the UAE for a moment maybe.

Ask the question a different way I don't know if I get any more of an answer but.

What are you factoring into your base case when you originally laid it out I think you mentioned the potential for two other competitors to be in the market by 2029, how should we think about what you were kind of factoring in for.

We view margin is an outcome of aggressively driving revenues.

Profitably reinvesting in customers and diligently managing cost. So we don't manage to a specific margin per se, but what we're constantly doing is looking at our reinvestment levels relative to.

That competition in terms of impact.

Sure Robin.

Relative to revenue not market share revenue.

Youre right.

We're factoring in two incremental competitors.

And a market that I believe if I'm remembering from the presentation was $3 billion to $5 billion of GTR, we always tend to operate at a fair share premium. So we did assume a.

Okay. That's helpful. Thank you.

Thank you our next caller is Robin Farley with UBS. Your line is open.

Thanks going back to the UAE for a moment maybe.

Sure that in fact, you can.

Probably show the GTR I mean, you could probably take a look at the GTR that we showed and impute our fair share.

I ask the question a different way I don't know if I get any more of an answer but.

Craig Billings: What we really are focused on right now is getting open with the absolute best product that we can.

Are you factoring into your base case when you originally laid it out I think you mentioned the potential for two other competitors to be in the market by 2029, how should we think about what you were kind of factoring in for.

<unk> based on a market of $3 billion to $5 billion.

Dan Politzer: Got it. Makes sense. Thanks.

And as I mentioned before with no.

Operator: Thank you. Our next caller is John DeCree with CBRE. Your line is open, sir.

Announced competition.

That we're aware of and in the market. Thus far there probably is some conservatism in those estimates.

John DeCree: Hi, everyone. Craig, maybe to stick with Las Vegas a little bit, you talked about some of the stuff that happened over the summer. One of those things that came up was the social media backlash on pricing. You obviously cater to the highest end of the market. Curious your views on that impact in terms of visitation to Las Vegas as a whole. Specifically, although you're kind of the luxury end of the market, have you seen any pushback on pricing? You obviously had a great quarter in holding rate. Curious if you've seen any change.

That competition in terms of impact.

Sure Robin.

Okay.

Youre right.

The market size and some of your assumptions had assumed.

We are factoring in to incremental competitors.

And a market that I believe if I'm remembering from the presentation was $3 billion to $5 billion of GTR, we always tend to operate at a fair share premium. So we did assume a.

Some of the market would be driven by having those two other competitors or do you think.

So I would still be the same.

Plus or minus sure we did not make an assumption with respect to the draw of incremental any incremental competitors. What we really look at is a tremendous amount of air lift a very robust.

Sure that in fact, you can.

Probably show the GTR I mean, you could probably take a look at the GTR that we showed and impute our fair share.

<unk> based on a market of $3 billion to $5 billion.

Craig Billings: Thank you for those questions. I think the second one first, we have not. On the first one, I've been getting this question a lot. Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget. Our customer generally isn't the customer who focuses on cost alone, but they are the type of customer who is really unrelenting when it comes to value for their dollar, right? Their expectation of that perceived value could not be higher. A small example, by the way, I had a patron email me several weeks ago about the difficulty of peeling the complimentary oranges in our spa. We love that. We love feedback like that, no matter how small. While we're unapologetic about premium pricing, we don't ambush patrons with unexpected charges.

The locals market are very very high GDP per capita.

And as I mentioned before with no.

Announced competition.

Those are the things that we look at when assessing when assessing the size of the market. It's a very small market geographically, it's very pretty tightly coupled it's about 50 minutes from Dubai to the property.

That we're aware of and in the market. Thus far there probably is some conservatism in those estimates.

Okay.

The market size of some of your assumptions had assumed.

So those are all with Great Road infrastructure. So those are all the things that we look at when assessing.

Some of the market would be driven by having those two other competitors or do you think.

Arkansas.

Yes.

It would still be the same.

Thank you if I could do one quick follow up on Vegas.

Plus or minus sure we did not make an assumption with respect to the draw of incremental of any incremental competitors. What we really look at is a tremendous amount of air lift a very robust locals market.

Sure.

For 2026, I Wonder if you could give us a sense of group pace. After Q1, just to get a sense of sort of underlying demand.

The benefit obviously accounting rotating in just how that looks post Q1.

Very very high GDP per capita.

We don't.

Breakdown, our power group forecasts on public calls by quarter, but it's safe to say that we feel good about it.

Those are the things that we looked at when assessing.

Craig Billings: Contrary to what you might expect, our minibar prices are a fraction of some others in the market. We held out as long as we possibly could in charging for parking and really only began to do so when we were at risk of becoming the neighborhood parking lot. Even now, hotel guests park free, by the way. Yes, our customer pays a premium room rate, but we don't want them to feel nickeled and dimed. That's actually contrary to creating high perceived value. Because of that, we haven't seen that pushback on pricing that others in the market might have, or at least we've seen on social media. Lastly, while the current narrative is, When did Las Vegas get so expensive, Las Vegas is actually chock-full of low-price options and values. It really is.

Assessing the size of the market, it's a very small market geographically, it's very tightly coupled it's about 50 minutes from Dubai to the property.

Okay. Thank you.

Sure.

Thank you our next caller is mature with Barclays. Your line is open Sir hi, Thanks for taking my question. So in Las Vegas I'm curious.

So those are all with Great Road infrastructure. So those are all the things that we look at when assessing Arkansas.

Up revpar for that Revpar growth that you guys saw so far in the fourth quarter is that all from.

Market size.

Thank you if I could do one quick follow up on on Vegas.

For 2026, I Wonder if you could give us a sense of group pace. After Q1, just to get a sense of sort of underlying demand after the benefit obviously.

Mix and rate compression from group or are you actually seeing.

Some recovery in <unk>.

Leisure occupancy.

Sure I'll start and then I'll pass it to pass it to Brian.

Rotating in just how that looks post Q1.

We don't.

You mentioned the rate compression for group and obviously that helps in terms of pricing group rooms, obviously, our contracted multiple years out and thus tend to carry a lower ADR.

Breakdown, our group forecast on public calls by quarter, but it's safe to say that we feel good about it.

Craig Billings: Historically, it has also been a town where one could escape one's worries for three days and experience world-class service in beautiful environments. In other words, a town of really high perceived value. Any erosion of that perceived value will manifest itself in a mantra against the cost of the experience itself. Read through the underlying messages, and you will see it much more as being about the value for dollar and not the dollar itself per se. That's just not us. No, we haven't seen that pushback. If rates compressed 50% in Las Vegas tomorrow, would we see that? Would we feel that? Sure, we would. We will always be at a pricing premium, and the reason is because we deliver a whole lot of value.

Okay. Thank you.

Sure.

Thank you our next caller is mature with Barclays. Your line is open Sir hi, Thanks for taking my question. So in Las Vegas curious that that up.

Then the prevailing the prevailing ADR, so it's really a function of.

Health across the board.

Absolutely group compression does help frame what would you add.

Revpar for that Revpar growth that you guys saw so far in the fourth quarter is that all from.

I'd say the same we've really seen a great start in October.

He has done a great job yielding rates over peak demands, we have a little softness before and after.

Mix and rate compression from group or are you actually seeing.

Some recovery in <unk>.

One which is typical and the teams are already reacted and put plans in place to prop that up so.

Leisure occupancy.

Sure I'll start and then I'll pass it to pass it to Brian.

And quite nicely and four we feel good about where we're headed.

You mentioned the rate compression for group and obviously that helps in terms of pricing group rooms, obviously, our contracted multiple years out and those tend to carry a lower ADR.

Great. Thanks for that and then a quick question on UAE.

You probably don't want to jump any guns here on what you want to say for the game plan there but.

A property like this.

John DeCree: That's helpful, Craig. I appreciate those comments. I too struggled with those oranges, so I'm glad you guys are going to get that taken care of.

The prevailing the prevailing ADR, so it's really a function of.

When do you start to go out and build excitement and buzz with with some of the bigger global players in your database now or are in the database that you want to have.

Health across the board.

Craig Billings: Well, they're easier to peel.

Absolutely group compression desktop, Brian what would you add.

John DeCree: Oh, good. Good. They're already pre-peeled, I'm sure. We'll look forward to that. If I could ask the question on kind of the inverse of that. We here expect visitation to pick back up in Las Vegas more broadly, especially with the convention calendar picking up. Your business is a bit uncorrelated, but should you also expect to see a little bit of uplift as visitation to the city comes back as a whole, or would you say you're kind of just marching to the beat of your own drum right now in terms of where you're positioned in the market? I guess, is there more upside as visitation recovers for you in Las Vegas?

I'd say the same we've really seen a great start in October.

And sort of is that sort of next year later next year thing and then any insight on.

<unk> done a great job yielding rates over peak demands, we have a little softness before and after.

What you've learned so far from the acquisition in London to that to that extent.

One which is typical and the teams were already reacted and put plans in place to prop that up so.

Sure Great great questions.

The entire management the entire senior management team is already onboard anyway that includes key marketing leaders. So you should assume as as is the case when you're opening a property in a new region like this.

Facing quite nicely and four right.

We feel good about where we're headed.

Great. Thanks for that and then a quick question on UAE.

You probably don't want to jump any guns here on what you want to say for the game plan there but.

At one to one marketing and player engagement has been going on for actually quite some time.

For a property like this.

When do you start to go out and build excitement and buzz with with some of the bigger global players in your database now or are in the database that you want to have.

Craig Billings: Yeah, of course. You really see it—let's talk about three segments, right? High-end gaming, mass gaming, and ADR. Mass gaming and ADR are, of course, levered to visitation because they're both either demand-driven or correlate to the number of people that are coming through the doors every day. High-end gaming, very different, right? That's about, oh, about the equity markets. It's about host-to-customer relationships, one-to-one selling, the specific service in the building, that particular customer, and what they're doing. There are certainly aspects of our business that will benefit from incremental visitation to Las Vegas, most notably the rate that we charge for hotel rooms and the activity on our gaming floor outside of the high-limit rooms.

Mass marketing and mass communication.

You, obviously rollout much much closer to the actual opening because to create awareness at this point.

And sort of is that sort of in the next year. Later next year thing and then any insight on what you've learned so far from the acquisition in London to that to that extent.

You are so far from consideration and conversion.

It doesn't do you much good.

So.

We are actively marketing to the folks that we would want in the building on a one to one basis and you should expect to see a lot more on the mass marketing side as 2026 progresses.

Sure Great great questions.

The entire management the entire senior management team is already on board anyway that includes key marketing leaders. So you should assume as as is the case when you're opening a property in a new region like this.

Sure it's been very interesting.

Extremely high overlap between the Mayfair database and the database that we expect in that part of the world. We've learned a whole lot around game preference reinvestment expectations.

At one to one marketing and player engagement has been going on for actually quite some time.

Competing the competitive dynamics in other parts of.

Mass marketing and mass communication.

You, obviously rollout much much closer to the actual opening because to create awareness at this point.

In other parts of that region, and it's really been very very instructive to what we're going to do.

John DeCree: Perfect. I'll leave it there. Thank you so much, Craig.

So far from consideration and conversion that it really doesn't do you much good.

Okay Marsha.

Craig Billings: Thank you.

Excellent thanks, everyone.

Operator: Thank you. Our next caller is Stephen Grambling with Morgan Stanley. Your line is open, sir.

Thank you our next caller is David Katz with Jefferies. Your line is open Sir.

So.

We are we are actively marketing to the folks that we would want in the building on a one to one basis and you should expect to see a lot more on the mass marketing side as 2026 progresses.

John DeCree: Thank you. I don't know if you specifically quantify this, but we'd love to hear any additional color you could give on how to think about the disruption impact in Las Vegas, also how to think about perhaps the return on some of these projects as we look beyond 2026. Are some of these generally maintenance, or do you think that there will be incremental EBITDA from a lot of these?

Hi afternoon, everyone. Thanks for taking my question I wanted to talk about Macau.

We're taking some share.

Sure it's been very interesting.

Now it seems to be the high level observation the hold percentage was high.

Extremely high overlap between the Mayfair database and the database that we expect in that part of the world. We've learned a whole lot around game preference reinvestment expectations.

We've seen October GTR numbers come across.

In the mid teens growth.

I'd Love your just your kind of state of the state what's going on in that market, what's driving that growth.

Craig Billings: Sure. Thanks. We have not quantified the impact. With respect to the Encore Tower remodel, primarily because what we will attempt to do is pick it up in rate. As we start to commence that renovation, we'll talk to you more about what we think the actual impact is. Some of the CapEx that we talk about is normal course maintenance. The Encore rooms haven't been redone in a number of years, and we need to do that in order to continue to drive rate, continue to be competitive, and continue to deliver on our brand promise. The other changes, particularly in food and beverage that we're making, are absolutely ROI-driven projects. Even when we redo a room like we just redid or we just did with Pisces, and not too long ago we did with Mizumi, the incremental.

Competing the competitive dynamics in other parts of.

Is it sort of mainland fundamental dynamics in some way.

In other parts of that region, and it's really been very very instructive to what we're going to do in <unk>.

Whatever you can share would be helpful. Thank you.

Marcia.

Sure. Thanks, David.

Excellent thanks, everyone.

Yes, youre right the market the market has been pretty good and it's great to see.

Thank you our next caller is David Katz with Jefferies. Your line is open Sir.

Hi afternoon, everyone. Thanks for taking my question I wanted to talk about Macau.

I'm going to ask you usually have a very very thoughtful and very strategic question. On these calls so I'm going to answer you in a somewhat philosophical and strategic way.

We're taking some share.

Now it seems to be the high level observation the hold percentage was high.

That may not satisfy you by the way.

We've seen October GTR numbers come across.

There's a lot of cross currents in China, right now and I think trying to pin recent growth on any one two or three particular factors.

In the mid teens growth I'd.

I'd Love your just your kind of state of the state what's going on in that market, what's driving that growth.

Kind of a fool's errand I think.

Is it the mainland fundamental dynamics in some way.

Craig Billings: Check average that we drive, the incremental covers that we drive are absolutely EBITDA accretive. It really is a bit of a mixed bag. If you look at our ADRs in terms of maintenance versus growth, if you look at the ADRs that we've been delivering, I think you can see why it's important that we invest in the hotel.

What's important is to understand that a lot of folks haven't actually been to China since before COVID-19.

Whatever you can share would be helpful. Thank you.

Sure. Thanks, David.

And the China today is not the China of 2018.

Yes, youre right the market the market has been pretty good and it's great to see.

China is a giant complex economy, and honestly the country as the pace setter and a whole bunch of areas advanced manufacturing Evs robotics. So it's really not all that different than the U S. Where you can have certain consumer segments, performing really well, while others are performing more modestly it's a really dynamic place.

Ah.

I'm going to ask you usually have a very very thoughtful and very strategic question. On these calls so I'm going to answer you in a somewhat philosophical and strategic way.

John DeCree: 100%. Maybe turning to Macau very quickly, what are you seeing in terms of the competitive dynamics, particularly as the quarter progressed, given there's some chatter for some of your peers that there might be a little bit more promotions going on? How do you generally think about margins going forward as you think about either maintaining price integrity or having to competitively respond? Thanks.

That may not satisfy you by the way.

There's a lot of crosscurrents in China, right now and I think trying to pin recent growth on any one two or three say particular factors.

And the consumer is evolving to and frankly, you can see it everywhere in Macau.

Sometimes for the better.

And their affinity for top quality experiences for example, and frankly, sometimes for the worse.

Kind of a fool's errand I think.

GTR per visitor for example in Macau when you have these visits visitation searches.

Craig Billings: Sure. Thank you. We think about it day to day. As I've said on probably the last eight calls, it's hand-to-hand combat in Macau. That's just the reality of the market. We haven't seen a notable uptick in material, notable uptick in promotional activity. We have a really clear view, as I've said before, down to the basis point of how much incremental GGR market share we need in order to justify and fade an incremental percentage point of reinvestment. We're monitoring that closely in real time. In terms of the specific impact that you can see on margins, as we have also said before, we view margin as an outcome of aggressively driving revenues, profitably reinvesting customers, and diligently managing costs. We don't manage to a specific margin per se, but what we're constantly doing is looking at our reinvestment levels relative to revenue.

What's important is to understand that a lot of folks haven't actually been to China since before COVID-19.

Chinese consumer tastes are advancing at a rapid cliff and it's it will create changes in gaming food and beverage retail preferences.

And the China today is not the China 2018 Chinese.

China is a giant complex economy, and honestly the country as the pace setter and a whole bunch of areas advanced manufacturing Evs robotics.

So it's an exciting place to be and we're very long term bullish, but I think trying to pin ebbs and flows in the market to one particular factor.

So it's really not all that different than the U S where you can have certain consumer segments, performing really well, while others are performing more modestly it's a really dynamic place.

It's like trying to pin ebbs.

Ebbs and flows in Las Vegas to any one particular factors just not the case.

And the consumer is evolving to and frankly, you can see it everywhere in Macau.

So again, we're delighted with how the how the market is doing and we're very very mid and long term bullish on Macau.

Sometimes for the better.

And their affinity for top quality experiences for example, and frankly, sometimes for the worse.

I appreciate all that just one follow up to that and one of the observations were seeing here in the United States is a bit of a bifurcation, where the high end it seems to be doing better than the low end.

GTR per visitor for example in Macau when you have these visits visitation searches.

Chinese consumer tastes are advancing at a rapid cliff and it's it will create changes in gaming food and beverage retail preferences.

Is that.

Unrelated but is that is that a similar dynamic to what youre seeing out of China.

Craig Billings: Not market share, revenue.

So it's an exciting place to be and we're very long term bullish, but I think trying to pin ebbs and flows in the market to one particular factor.

Sure.

I think youll see that its a premium led market.

John DeCree: That's helpful. Thank you.

The premium mass side market and I think that is absolutely. The case you also have a shifting set of shifting industrial policy in.

Operator: Thank you. Our next caller is Robin Farley with UBS. Your line is open.

It's like trying to pin ebbs.

Ebbs and flows in Las Vegas to any one particular factors just not case.

Robin Farley: Thanks. Going back to the UAE for a moment, maybe I'm going to try and ask the question a different way. I don't know if I'll get any more of an answer. What were you factoring into your base case when you originally laid it out? I think you mentioned the potential for two other competitors to be in the market by 2029. How should we think about what you were kind of factoring in for that competition in terms of impact?

In China that is having certain effects on real estate certain effects on.

So again, we're delighted with how the how the market is doing and we're very very mid and long term bullish on Macau.

On other forms of industry and value creation and that's creating.

Hi.

New pockets of wealth, it's just a very very dynamic place and what's your general observation is.

I think true and.

That's good for us because that's the that's the end of the market that we focus on.

Is that.

Unrelated but is that is that a similar dynamic to what you're seeing out of China.

Craig Billings: Sure, Robin. You're right. We were factoring in two incremental competitors and a market that I believe, if I'm remembering from the presentation, was $3 to 5 billion of GGR. We always tend to operate at a fair share premium, so we did assume a share of that. In fact, you could probably show the GGR, or you could probably take a look at the GGR that we showed and impute our fair share assumptions based on a market of $3 to 5 billion. As I mentioned before, with no announced competition that we're aware of in the market thus far, there probably is some conservatism in those estimates.

Thank you Craig.

Sure.

Thank you our next caller is Chad Beynon with Macquarie. Your line is open Sir.

Sure.

I think you'd see that it's a premium led market.

Premium mass led market and I think that is absolutely. The case you also have a shifting setup a shifting industrial policy in.

Hi, good afternoon, Thanks for taking my question.

I wanted to go back to Vegas, so occupancy as we consume in the release was down a couple of hundred basis points, which which was expected.

In China that is having certain effects on real estate certain effects on.

On other forms of industry and value creation and that's creating.

But your slot drop up 7% in your table drop up 12% clearly shows that either the the customers that we're staying in your property, we're spending more per trip them than what we had seen in prior periods or maybe others are using other properties those dormitories and then coming over to your property, but can.

Hi.

New pockets of wealth, it's just a very very dynamic place and what's your general observation is.

I think true and.

That's good for us because that's the that's the end of the market that we focus on.

You add any additional color just in terms of the disconnect between the growth that you had in drop versus the number of people staying in your property for the quarter. Thanks.

Thank you Craig.

Robin Farley: Is the market size, some of your assumption, had assumed that some of the market would be driven by having those two other competitors, or do you think the market size would still be the same?

Sure.

Yeah.

Thank you our next caller is Chad Beynon with Macquarie. Your line is open Sir.

Hi, good afternoon, Thanks for taking my question.

Sure I'll start and again I'll ask I'll ask Brian to weigh in.

I wanted to go back to Vegas, so occupancy as we consume in the release was down a couple of hundred basis points, which which was expected.

Look we.

Craig Billings: Plus or minus, sure. We did not make an assumption with respect to the draw of any incremental competitors. What we really look at is a tremendous amount of airlift, a very robust locals market, a very, very high GDP per capita. Those are the things that we look at when assessing the size of the market. It's a very small market geographically. It's very tightly coupled. It's about 50 minutes from Dubai to the property. Those are all with great road infrastructure. Those are all the things that we look at when assessing market size.

We said there is a lot that goes into.

Attracting premium play.

And disproportionately the growth that Youre seeing is premium play and disproportionately it is largest.

And we set out several years ago too.

Double down on what we do really well, okay. That's the service and the building amenities, we have in the building.

And also too.

You add any additional color just in terms of the disconnect between the growth that you had in drop versus the number of people staying in your property for the quarter. Thanks.

Improved even further certain aspects of our casino marketing function.

And.

As part of that or as a result of that I should say you have seen.

Sure I'll start and again I'll ask I'll ask Brian to weigh in.

Robin Farley: Thank you. If I could do one quick follow-up on Vegas. Just for group for 2026, I wonder if you could give us a sense of group pace after Q1, just to get a sense of sort of underlying demand after the benefit, obviously, Connig rotating in, just how that looks past Q1. Thanks.

Pretty significant growth in our gaming market share.

And I'm Super proud of that I'm Super proud of the team.

Look we.

We said there is a lot that goes into.

That and.

And youre seeing the benefits of that in Q3, it really is that straightforward it's not.

Attracting premium play.

And disproportionately the growth that Youre seeing is premium play and disproportionately it is largest.

The mass floor thats driving that it's it's the hosted high end customer, Brian what would you get the premium customer the customer Thats really looking for a premium experience is us continuing to invest in our facilities and our offerings in the experience is investing in our people leaning into who we are.

And we set out several years ago too.

Craig Billings: We don't break down our group forecasts on public calls by quarter, but it's safe to say that we feel good about it.

Double down on what we do really well, okay. That's the service and the building amenities, we have in the building.

And also too.

Robin Farley: Okay, thank you.

Improved even further certain aspects of our casino marketing function.

Craig Billings: Sure.

Operator: Thank you. Our next caller is Grant Montour with Barclays. Your line is open, sir.

<unk> focused on our culture of service cleanliness safety.

Brandt Montour: Hi. Thanks for taking my question. In Las Vegas, curious that up RevPAR or that RevPAR growth that you guys saw so far in the fourth quarter, is that all from mix and rate compression from group, or are you actually seeing some recovery in leisure occupancy?

And.

As part of that or as a result of that I should say you have seen.

At a premium level and people are willing to pay extra for that and so we get more of our fair share for that and can steal share at that point people want value.

Pretty significant growth in our gaming market share.

And I'm Super proud of that I'm Super proud of the team.

Also.

That and.

It goes back to the perceived value that I can.

And youre seeing the benefits of that in Q3, it really is that straightforward it's not.

Comment that I had in response to John's question.

It's also technology, we're using a lot we're using technology very differently than we did before on the marketing side.

The mass floor thats driving that it's it's the hosted high end customer, Brian what would you get the premium customer the customer that's really looking for a premium experience is us continuing to invest in our facilities and our offerings in the experience is investing in our people leaning into who we are.

Craig Billings: Sure. I'll start, and then I'll pass it to Brian. You mentioned the rate compression from group, and obviously, that helps in terms of pricing. Group rooms, obviously, are contracted multiple years out, and thus tend to carry a lower ADR than the prevailing ADR. It's really a function of health across the board, but absolutely, group compression does help. Brian, what would you add?

Honestly there is there is no one thing it's all of those things and the results that Youre seeing as I said are disproportionately people that are staying in the buildings, yes, I mean, if I can add on F. One right now as we come into fourth quarter and Thats always been a popular topic, where highway program for our premium crowd, we're seeing solid pick.

<unk> focused on our culture of service cleanliness safety.

Right now we have maintained our premium rates from last year and we've maintained a three night minimum for that F. One weekend that no one else in the market has done.

At a premium level and people are willing to pay extra for that and so we get more of our fair share for that and can steal share at that point what value.

Julie Cameron-Doe: I'd say the same. We've really seen a great start in October. Teams have done a great job yielding rates over peak demands. We have a little softness before and after F1, which is typical, and the teams have already reacted and put plans in place to prop that up. Pacing quite nicely in Q4, and we feel good about where we're headed.

So we're feeling really good about where we are we've actually bought.

Also.

It goes back to the perceived value.

Three additional tranches of tickets, so really seeing great increased demand and we have an outstanding relationship with Formula One and we're bullish on the future of the race and I think it continues to pay dividends for not just us but for the market.

Comment that I had in response to John's question.

It's also technology, we're using a lot we're using technology very differently than we did before on the marketing side.

Honestly there is there is no one thing it's all of those things and the results that Youre seeing as I said are disproportionately people that are staying in the bill yes, I mean, if I can add on F. One right now as we come into fourth quarter and Thats always been a popular topic, where highway program for our premium crowd, we're seeing solid pick.

Brandt Montour: Great, thanks for that. Quick question on UAE. You probably do not want to jump any guns here on what you want to say for the game plan there. For a property like this, when do you start to go out and build excitement and buzz with some of the bigger global players in your database now or in the database that you want to have? Is that sort of a later next year thing? Any insight on what you have learned so far from the acquisition in London to that extent?

Great, Thanks, and yes F one rates.

Our impressively priced right now.

And then just in terms of buybacks and how we should think about capital allocation I know that was something that was becoming a little bit more.

Recurring.

In the quarterly result, Julian can you just give us an update in terms of how youre thinking about that from these levels. Thank you.

Right now we have maintained our premium rates from last year and we've maintained a three night minimum for that F. One weekend that no one else in the market has done.

Yes sure.

Thanks, Thanks for the question I mean, we operate.

So we're feeling really good about where we are we've actually bought.

We're always diligent in looking at how to allocate.

And we operate off the grid and the other thing we didn't do any buying in the quarter.

Craig Billings: Sure. Great questions. The entire senior management team is already on board in the UAE. That includes key marketing leaders. You should assume, as is the case when you're opening a property in a new region like this, that one-to-one marketing and player engagement has been going on for actually quite some time. Mass marketing and mass communication, you obviously roll out much, much closer to the actual opening because to create awareness at this point, you're so far from consideration and conversion that it really doesn't do you much good. We are actively marketing to the folks that we will want in the building on a one-to-one basis, and you should expect to see a lot more on the mass marketing side as 2026 progresses. Mayfair has been very interesting.

But certainly when we see when we see value we won't be back into it.

There appears to be overly programmatic here, we'd like to we'd like to retain the flexibility. Yes. We've tried to we've tried to be super explicit that we're not programmatic buyers of the stock.

Great, Thanks, and yes F one rates.

Impressively priced right now.

And then just in terms of buybacks and how we should think about capital allocation I know that was something that was becoming a little bit more.

Sometimes if you buy for several quarters in a row and people seem to.

Seem to forget that but we like to buy when people are unusually bearish and its excessively cheap and when we do buy as Julie mentioned, we use a price based script, we had a grid in places in the third quarter, but with the movement in the stock the grid. The grid wasn't in play we have significant free cash a significant free cash flow inflection point coming in 2027.

Recurring.

And the quarterly result, Julie can you just give us an update in terms of how youre thinking about that from these levels. Thank you.

Yes sure.

Thanks, Thanks for the question.

We operate.

We're always diligent in looking at how to allocate our capital and we operate off the grid and the other thing we didn't do any buying in the quarter.

Driven in large part by went out Marsha and we think there is.

But certainly when we see when we see value we won't be back into it.

Continued room for the stock to run and if it <unk>, we will be back half.

Refused to be overly programmatic here, we'd like to we'd like to retain the flexibility. Yes. We've tried to we've tried to be super explicit that we're not programmatic buyers of the stock.

Thank you.

Sure.

Craig Billings: Extremely high overlap between the Mayfair database and the database that we expect in that part of the world. We've learned a whole lot around game preference, reinvestment expectations, the competitive dynamics in other parts of that region, and it's really been very, very instructive to what we're going to do in Marjan.

Thank you our next caller is Steve Lozinski Ruskin, calling your line is open Sir.

Sometimes if you buy for several quarters in a row and people seem to.

Hey, guys good afternoon.

So Craig I wanted to ask start with Macau and go back to to go which.

Seem to forget that but we like to buy when people are unusually bearish and its excessively cheap and when we do buy as Julie mentioned, we use a price base grid, we had a grid in places in the third quarter, but with the movement in the stock the grid. The grid wasn't in play we have significant free cash a significant free cash flow inflection point coming in 2027.

I think you described it as unusual.

Look we understand there was some weather headwinds early in the week and all that stuff, but I'm wondering what you think kind of drove that unusual pattern.

Being folks, especially the higher end folks stayed away then it came back it seems like in full force later in the month. So just the question is.

Brandt Montour: Excellent. Thanks, everyone.

Operator: Thank you. Our next caller is David Katz with Jefferies. Your line is open, sir.

Driven in large part by went out Marsha and we think there is.

More around should we expect this type of behavior to kind of repeat itself going forward around this holiday or for.

David Katz: Hi, afternoon, everyone. Thanks for taking my question. I wanted to talk about Macau, where taking some share seems to be the high-level observation. The hold percentage was high. We've seen October GGR numbers come across in the mid-teens growth percentage. I'd love just your kind of state of the state. What's going on in that market? What's driving that growth? Is it sort of mainland fundamental dynamics in some way? Whatever you can share would be helpful. Thank you.

Continued room for the stock to run and if it <unk>, we will be back half.

I don't know Thats somewhat cyclical.

Yes, no problem.

Thank you.

We're asking ourselves the same question so.

Sure.

Thank you our next caller is Steve Lozinski Ruskin, calling your line is open Sir.

Don't know yet.

I think.

Two the causation.

Hey, guys good afternoon.

All view it as kind of all of the above all the things that you said.

So Craig I wanted to ask sort of a <unk> go back to.

And we were pleased to see the tail end and volumes.

I think you described it as unusual.

Look we understand there was some weather headwinds early in the week and all that stuff, but I'm wondering what you think kind of drove that unusual pattern.

After the holiday and it remains to be seen we will certainly think about.

Folks, especially the higher end folks stayed away then it came back it seems like in full force later in the month. So just a question notes.

Craig Billings: Sure. Thanks, David. Yeah, you're right. The market has been pretty good, and it's great to see. You usually have a very thoughtful, very strategic question on these calls, so I'm going to answer you in a somewhat philosophical and strategic way. That may not satisfy you, by the way. There's a lot of cross currents in China right now. I think trying to pin recent growth on any one, two, or three, say, particular factors is kind of a fool's errand. I think what's important is to understand that a lot of folks haven't actually been to China since before COVID, and the China of today is not the China of 2018. China is a giant, complex economy, and honestly, the country is the pacesetter in a whole bunch of areas: advanced manufacturing, EVs, robotics.

Our hosting strategy in a room booking strategy, a little bit more flexibly as we move into Chinese new year and May Golden week, but we will see one event is not yet a trend.

More around should we expect this type of behavior.

Repeat itself going forward around this holiday or for I don't know thats somewhat methodical.

Yes, it makes sense.

Yes, no problem.

And then second can I ask a question on Boston, because you never had a question on Boston.

We're asking ourselves the same question.

Don't know yet.

I think.

Okay. So that the property was what was obviously very it's very stable.

Two the causation.

We all view it as kind of all of the above all the things that you said.

Look at the drop on the margin side of things wondering.

And we were pleased to see the tail end and volumes.

If that was more around promotions just trying to figure out if you guys had to promote more to drive stability around volumes and that was the part of the margin deteriorate margin deceleration or I am just totally off base with that definitely not.

After the holiday.

It remains to be seen we will certainly think about.

You know our hosting strategy in a room booking strategy, a little bit more flexibly as we move into Chinese new year and May Golden week, but we'll see.

Definitely not that it is not a promotion driven.

Promotion driven issue.

One event is not yet a trend.

You really have kind of in generally Boston is very very stable and in fact this quarter it was stable too.

Craig Billings: It's really not all that different than the US, where you can have certain consumer segments performing really well while others are performing more modestly. It's a really dynamic place, and the consumer is evolving too. Frankly, you can see it everywhere in Macau, sometimes for the better, in their affinity for top-quality experiences, for example, and frankly, sometimes for the worse. GGR per visitor, for example, in Macau when you have these visitation surges. Chinese consumer tastes are advancing at a rapid clip, and it will create changes in gaming, food and beverage, and retail preferences. It's an exciting place to be, and we're very long-term bullish. I think trying to pin ebbs and flows in the market to one particular factor, it's like trying to pin ebbs and flows in Las Vegas to any one particular factor. It's just not the case.

Yes, It makes sense and then second can I ask a question on Boston because you never had a question on Boston.

In response to your specific point, you really have kind of two macro trends that are happy.

Okay. So that the property was what was obviously very very stable.

Happening there one is you're constantly trying to grow the database and trying to move out in concentric circles from from the property and add incremental.

Look at the drop on the margin side of things wondering.

Add incremental customers and the other is.

Labor costs.

And so they work against each other and Youre constantly playing those two things against each other and trying to drive the best Best result that you can it really is that straightforward. So the marginal bounce around based on hold based on volumes in the period.

Definitely not that it is not a promotion driven.

Promotion driven issue.

But we the team and Ginny in particular are incredibly incredibly adept at managing the intricacies of that business.

You really have kind of generally Boston is very very stable and in fact this quarter it was stable too.

In response to your specific point, you really have kind of two macro trends that are are.

Okay, great. Thanks, Greg appreciate it.

Sure.

Craig Billings: Again, we're delighted with how the market is doing, and we're very, very mid and long-term bullish on Macau.

Happening there. One is you are constantly trying to grow the database and trying to move out in concentric circles from from the property and add incremental.

Operator, the next question will be our last thank you.

Thank you and our final question comes from Steve <unk> with Deutsche Bank. Your line is open Sir.

David Katz: Appreciate all that. Just one follow-up to that end. One of the observations we're seeing here in the United States is a bit of a bifurcation where the high-end seems to be doing better than the low-end. Is that unrelated, but is that a similar dynamic to what you're seeing out of China?

Hey, good afternoon, and thanks for taking our questions.

Add incremental customers and the other is.

Turning off with a little bit of a longer term question you mentioned the free cash flow inflection as the Capex cycle tapers off and UAE comes online can.

Labor costs.

Can you talk about how we should think about the possible uses of the free cash flow in 2027.

Craig Billings: Sure. I think you see that. It's a premium-led market. It's a premium mass-led market, and I think that is absolutely the case. You also have a shifting industrial policy in China that is having certain effects on real estate, certain effects on other forms of industry and value creation, and that's creating new pockets of wealth. It's just a very, very dynamic place. Your general observation is, I think, true, and that's good for us because that's the end of the market that we focus on.

Yeah sure.

But we the team and Ginny in particular are incredibly incredibly adept at managing the intricacies of that business.

We are always thinking about the best use of cash.

Irrespective of a free cash flow inflection or not.

But we you've seen us over the course of the past couple of years return capital through a recurring dividend and through.

Okay, great. Thanks, Greg appreciate it.

Sure.

Operator, the next question will be our last thank you.

Thank you and our final question comes from Steve <unk> with Deutsche Bank. Your line is open Sir.

Through buybacks. So certainly capital returns are an important part of.

Of our strategy.

Hey, good afternoon, and thanks for taking our questions.

Beyond that we have.

Starting off with a little bit of a longer term question you mentioned the free cash flow inflection as the <unk>.

And incremental land bank in the UAE I think before we really put.

Scale the capital into that we will want to see.

Opex cycle tapers off and UAE comes online.

We want to size the market and really satisfy ourselves that the market is what we expect and what I think others expect or even better.

Can you talk about how we should think about the possible uses of the free cash flow in 2027.

David Katz: Yep, thank you, Craig.

Craig Billings: Sure.

Operator: Thank you. Our next caller is Chad Beynon with Macquarie. Your line is open, sir.

Yeah sure.

We are always thinking about the best use of cash.

And so it will really be a question of whether how much incremental capex to deploy and what we return to shareholders.

David Katz: Hi, good afternoon. Thanks for taking my question. I wanted to go back to Vegas. Occupancy, as we can see in the release, was down a couple hundred basis points, which was expected. Your slot drop up 7% and your table drop up 12% clearly shows that either the customers that were staying in your property were spending more per trip than what we had seen in prior periods, or maybe others are, I don't know, using other properties as dormitories and then coming over to your property. Can you add any additional color just in terms of the disconnect between the growth that you had in drop versus the number of people staying in your property for the quarter? Thanks.

Irrespective of a free cash flow inflection or not.

But we you've seen us over the course of the past couple of years return capital through a recurring dividend and through.

I hate to give you a plain vanilla answer, but thats really how we think about how we think about things we have an exciting opportunity in the UAE and we love to return capital. So we'll see how those two things play out I suspect if history is any guide it will probably be a combination of all of them.

Through buybacks. So certainly capital returns are an important part of.

Of our strategy.

Beyond that we have.

And incremental land bank in the UAE I think before we really put.

Okay, great. Thank you and then real quick it was reported that the UAE with potentially offer one online gaming license per camera can you talk about have you would be potentially interested in one of the licenses.

Scaled capital into that we will want to see.

We will want to size the market and really satisfy ourselves that the market is what we expect and what I think others expect or even better.

Not really I think it's.

And so it will really be a question of whether how much incremental capex to deploy and what we return to shareholders.

Don't tend to comment on press speculation and I think it's really up to the Emirates and the <unk> the regulator, there how and when they enact incremental forms of gaming.

Craig Billings: Sure. I'll start, and again, I'll ask Brian to weigh in. Look, there's a lot that goes into attracting premium play. Disproportionately, the growth that you're seeing is premium play, and disproportionately, it is lodgers. We set out several years ago to double down on what we do really well. That's the service in the building, the amenities we have in the building, and also to improve even further certain aspects of our casino marketing function. As part of that, or as a result of that, I should say, you have seen pretty significant growth in our gaming market share. I'm super proud of that. I'm super proud of the team for doing that, and you're seeing the benefits of that in Q3. It really is that straightforward. It's not the mass floor that's driving that. It's the hosted high-end customer.

I hate to give you a plain vanilla answer, but that's really how we think about how we think about things we have an exciting opportunity in the UAE and we love to return capital. So we'll see how those two things play out I suspect if history is any guide it'll probably be a combination of all of them.

Okay, great. Thank you.

Sure.

Okay, well with that we'll bring the call to a close. Thank you for your continued interest in Wynn resorts and we look forward to updating you again early next year.

Okay, great. Thank you and then real quick it was reported that the UAE with potentially offer one online gaming license per number can you talk about have you would be potentially interested in one of the licenses.

Thanks, everybody.

Thank you for participating on today's conference call. You may now disconnect and have a great rest of your day.

Not really I think it's.

Don't tend to comment on press speculation and I think it's really up to the Emirates and the <unk> the regulator, there how and when they enact incremental forms of gaming.

Okay, great. Thank you.

Sure.

Okay, well with that we'll bring the call to a close. Thank you for your continued interest in Wynn resorts and we look forward to updating you again early next.

Craig Billings: Brian, what would you add?

Julie Cameron-Doe: Yeah. It's the premium customer that's really looking for a premium experience. It's us continuing to invest in our facilities, our offerings, the experiences, investing in our people, leaning into who we are, focused on our culture of service, cleanliness, and safety at a premium level. People are willing to pay extra for that, so we get more of our fair share for that and can steal share at that point. People want value.

Yes.

Thanks, everybody.

Thank you for participating on today's conference call. You may now disconnect and have a great rest of your day.

Okay.

Yeah.

Craig Billings: It goes back to the perceived value that I had in response to John's question. It's also technology. We're using technology very differently than we did before on the marketing side. Honestly, there is no one thing. It's all those things. The results that you're seeing, as I said, are disproportionately people that are staying in the building.

Julie Cameron-Doe: Yeah. I mean, if I can add, on F1 right now, as we come into fourth quarter, and that's always been a popular topic, we're highly programmed for our premium crowd. We're seeing solid pickup right now. We've maintained our premium rates from last year, and we've maintained a three-night minimum for that F1 weekend that no one else in the market has done. Feeling really good about where we are. We've actually bought three additional tranches of tickets, so really seeing great increased demand. We have an outstanding relationship with Formula One. We're bullish on the future of the race, and I think it continues to pay dividends for not just us, but for the market.

David Katz: Great. Thanks. Yes, F1 rates are impressively priced right now. In terms of buybacks and how we should think about capital allocation, I know that was something that was becoming a little bit more recurring in the quarterly result. Julie, can you just give us an update in terms of how you're thinking about that from these levels? Thank you.

Craig Billings: Yeah, sure. Thanks for the question. I mean, we operate. We're always diligent in looking at how to allocate our capital, and we operate off the grid. You'll have seen we didn't do any buying in the quarter. Certainly, when we see value, we will be back into it. We refuse to be overly programmatic here. We like to retain the flexibility.

Craig Billings: Yeah. We've tried to be super explicit that we're not programmatic buyers of the stock. Sometimes, if you buy for several quarters in a row, people seem to forget that. We like to buy when people are unusually bearish, and it's excessively cheap. When we do buy, as Julie mentioned, we use a price-based grid. We had a grid in place in the third quarter, but with the movement in the stock, the grid wasn't in play. We have a significant free cash flow inflection point coming in 2027, driven in large part by Wynn Al Marjan Island. We think there's continued room for the stock to run, and if it retraces, we will be back at it.

[music].

David Katz: Thank you.

Craig Billings: Sure.

Operator: Thank you. Our next caller is Steve Wozniak with Stifel. Your line is open, sir.

David Katz: Yeah, hey guys, good afternoon. Craig, I want to ask, starting with Macau and go back to Golden Week, which I think you described as unusual. Yeah, look, we understand there were some weather headwinds early in the week and all that stuff, but wondering what you think kind of drove that unusual pattern. Meaning folks, especially the higher-end folks, stayed away, then they came back, it seems like, in full force later in the month. I guess the question is more around, should we expect this type of behavior to kind of repeat itself going forward around this holiday? I know that's somewhat philosophical.

Craig Billings: Yeah, no problem. I mean, we're asking ourselves the same question. Don't know yet. I mean, I think to the causation, I think we all view it as kind of all of the above, all the things that you said. We were pleased to see the tail end and volumes after the holiday, and it remains to be seen. We will certainly think about our hosting strategy and our room booking strategy a little bit more flexibly as we move into Chinese New Year and May Golden Week. We'll see. I mean, one event is not yet a trend.

David Katz: Yeah, it makes sense. Second, can I ask a question on Boston? Because you never get a question on Boston.

Craig Billings: Yeah, bring it on.

David Katz: Okay. The property was obviously very—it's very stable. If I look at the drop on the margin side of things, wondering if that was more around promotions, just trying to figure out if you guys had to promote more to drive stability around volumes. That was part of the margin deceleration, or I'm just totally off base with that.

Craig Billings: Definitely not. Definitely not that. It is not a promotion-driven issue. You really have kind of—and generally, Boston is very, very stable. In fact, this quarter, it was stable too. In response to your specific point, you really have kind of two macro trends that are happening there. One is you're constantly trying to grow the database and trying to move out in concentric circles from the property and add incremental customers. The other is labor costs. They work against each other, and you're constantly playing those two things against each other and trying to drive the best result that you can. It really is that straightforward. The marginal bounce around based on hold, based on volumes in the period. The team and Jenny, in particular, are incredibly, incredibly adept at managing the intricacies of that business.

David Katz: Okay, great. Thanks, Craig. Appreciate it.

Craig Billings: Sure.

Craig Billings: Operator, the next question will be our last. Thank you.

Operator: Thank you. Our final question comes from Steve Passarella with Deutsche Bank. Your line is open, sir.

Craig Billings: Hey, good afternoon, and thanks for taking our questions. Starting off with a little bit of a longer-term question, you mentioned the free cash flow inflection as the CapEx cycle tapers off and UAE comes online. Can you talk about how we should think about the possible uses of the free cash flow in 2027?

Craig Billings: Yeah, sure. We are always thinking about the best use of cash, irrespective of a free cash flow inflection or not. You have seen us over the course of the past couple of years return capital through recurring dividend and through buybacks. Certainly, capital returns are an important part of our strategy. Beyond that, we have an incremental land bank in the UAE. I think before we really put scale capital into that, we will want to see, we will want to size the market and really satisfy ourselves that the market is what we expect and what I think others expect, or even better. It will really be a question of how much incremental CapEx to deploy and what we return to shareholders. I hate to give you a plain vanilla answer, but that is really how we think about things.

Craig Billings: We have an exciting opportunity in the UAE, and we love to return capital. We'll see how those two things play out. I suspect if history is any guide, it'll probably be a combination of all of them.

Craig Billings: Okay, great. Thank you. Real quick, it was reported that the UAE would potentially offer one online gaming license per emirate. Can you talk about if you would be potentially interested in one of the licenses?

Craig Billings: Not really. I think we don't tend to comment on press speculation, and I think it's really up to the emirates and the GCGRA, the regulator there, how and when they enact incremental forms of gaming.

Craig Billings: Okay, great. Thank you.

Craig Billings: Sure.

Craig Billings: Well, with that, we'll bring the call to a close. Thank you for your continued interest in Wynn Resorts, and we look forward to updating you again early next year.

Craig Billings: Thanks, everybody.

Operator: Thank you for participating on today's conference call. You may now disconnect and have a great rest of your day.

Q3 2025 Wynn Resorts Ltd Earnings Call

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